Case Law Details
ACIT Vs. M/s Sikka Papers Mills Ltd. (ITAT Delhi)- In this case the identity of the share holders has not been established in order to ascertain the genuineness of the transactions, Assessing Officer issued commission u/s. 131(d) to the departmental officers in Lucknow and Agra as well as and asked for information 133(6) of the Act directly from the share applicants. The letters issued by registered post to the aforesaid share applicant companies u/s. 133(6) remained unserved while the departmental officers found that no such companies existed at the given address.
In these circumstances, it cannot be said that the identity of the share applicant have been established. The other documents on the basis of which the Ld. Commissioner of Income Tax (Appeals) has granted the relief have not been the subject matter of scrutiny and examination by the Assessing Officer. It is also not the case that Ld. Commissioner of Income Tax (Appeals) has himself verified these documents. We further find that the share in this case have been issued at premium of Rs. 40 per share, this aspect has not been examined by the authorities below. In these circumstances, in our considered opinion, interest of justice will served if the matter is remitted to the file of the Assessing Officer to consider the issue afresh. Hence, the matter stands remitted to the file of the Assessing Officer to consider the issue afresh.
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH “G”, NEW DELHI
I.T.A. No. 5617/Del/2010 – A.Y: 2007- 08
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